24-Year Technical Analyst Issues Warning for Bitcoin – “Smart Money Is Exiting, Individual Investors Are Entering Due to FOMO”

Mike McGlone, Senior Macro Strategist at Bloomberg Intelligence, and Gareth Soloway, a seasoned technical analyst, both closely followed by financial markets, issued striking warnings about the direction of the global economy.

Experts agree that excessive optimism, particularly in stock markets, could result in a sharp correction and that a deflationary period is on the horizon.

Mike McGlone of Bloomberg Intelligence argues that markets need to confront the reality of “liquidity.” McGlone believes that the decline in commodity prices (particularly copper and crude oil) is the clearest indicator of a global economic slowdown. He states that the effects of the Fed’s interest rate hikes will be felt with a delay, and that this will be a “hard landing,” not a “soft landing.”

McGlone points out the correlation between Bitcoin (BTC) and risky assets, while predicting that gold will remain the safest haven during this period.

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Gareth Soloway, who has 24 years of experience in technical analysis, points out that the market may have “peaked” based on price movements.

Soloway argues that as the bubble in technology stocks (particularly the Nvidia and AI rally) begins to burst, Bitcoin will not be spared from this wave. He claims that investors are seeking refuge in Bitcoin as a “safe haven,” but this is actually a speculative rally. Soloway states that the $64,000 level is technically crucial, and a close below this level would quickly pull the price down. He says that “negative divergences” (a decrease in momentum while the price is rising) on the charts are a trend reversal signal.

According to the analyst, Bitcoin is currently in a dangerous zone where “smart money” is exiting and “individual investors” are entering driven by FOMO (Fear of Missing Out).

*This is not investment advice.

Continue Reading: 24-Year Technical Analyst Issues Warning for Bitcoin – “Smart Money Is Exiting, Individual Investors Are Entering Due to FOMO”